Document Type
Report
Publication Date
9-23-2024
Publisher
The Lincy Institute
First page number:
1
Last page number:
40
Abstract
Nevada is on the cusp of a housing catastrophe, especially in Southern Nevada.
Consider that the state has fewer households than it should. A household is defined as one or more people who have a home of their own. But for price, location, configuration, and other factors, about 60,000 households in Nevada do not exist because there is no home for them. And it’s going to get worse. Including these “missing households,” nearly 470,000 new occupied homes will need to be built between 2020 and 2040 to meet the housing needs of all Nevadans, or about 23,000 per year. The trouble is that even during the robust housing construction period of 2010-2022, the state produced about 16,000 occupied units annually.
The concern is that while demand is robust, producing homes may be more challenging going forward than in the past. In contrast to the pandemic and pre-pandemic periods that benefited from low interest rates, lower cost materials, and more timely supply chains, the post-pandemic period will not have it as well. Indeed, the number of missing households seems poised to double by 2040, leaving a quarter million or more Nevadans without a home of their own home.
This report includes an overview of these concerns, summarizes the headship rate methodology used in analysis, applies the methodology to census data to estimate the current under-supply of occupied housing units, and considers demographic data to estimate occupied housing unit demand to 2040. The report reviews various local, state, and federal policy options to increase housing supply. An assertive policy framework to expand housing especially in Southern Nevada is outlined.
Keywords
Housing; Renter; Investor; Economy; Supply; Nevada; Las Vegas; Washoe; Carson City
Disciplines
Economic Policy | Economics | Growth and Development | Infrastructure | Public Policy | Real Estate | Urban Studies and Planning
File Format
File Size
955 KB
Language
English
Repository Citation
Nelson, A. C.
(2024).
Nevada’s Predictable Housing Train Wreck and What To Do About It.
1-40.
Available at:
https://digitalscholarship.unlv.edu/lincy_policybriefs_reports/15
Included in
Economic Policy Commons, Growth and Development Commons, Infrastructure Commons, Public Policy Commons, Real Estate Commons, Urban Studies and Planning Commons